Whistleblowing just became a lot more lucrative.
The Securities and Exchange Commission announced its largest whistleblower award ever today, more than $US14 million to an insider who helped recoup investor funds.
The whistleblower “provided original information and assistance that allowed the SEC to investigate an enforcement matter more quickly than otherwise would have been possible,” the SEC said in a statement.
Under Dodd-Frank, whistleblowers can now land an award of up to 30% of the money collected when sanctions exceed $US1 million.
“While it is certainly gratifying to make this significant award payout, the even better news for investors is that whistleblowers are coming forward to assist us in stopping potential fraud in its tracks so that no future investors are harmed,” Sean McKessy, chief of the SEC’s Office of the Whistleblower, said in the statement.